AT&T (NYSE: T) has apparently ripped a page from Comcast's (Nasdaq: CMCSA) playbook on how to successfully complete a huge merger in the face of regulatory skepticism.
AT&T CEO Randall Stephenson, in testimony before a Senate Judiciary subcommittee, says that AT&T needs to acquire T-Mobile to have "the capacity to drive innovation and competitive prices for consumers" because the deal is "all about consumers." The testimony was obtained by The Hill.
Stephenson's testimony goes so far as to say the deal will help competition in the wireless pace because "by continuing to improve service quality and product offerings, AT&T can keep the pressure on its competitors to innovate and introduce new and better services."
Comcast, in the midst of its successful NBCUniversal acquisition, funded a pair of reports that said, in essence, the merger wouldn't limit competition but would be a benefit because Comcast could more quickly develop new TV and Internet services. One report even suggested that Comcast, and in turn its subscribers, would benefit because a bigger company would have more clout negotiating content deals.
- The Hill has this story
Opposition forms to fight AT&T, T-Mobile merger
Comcast-funded reports support its acquisition of NBC Universal